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How to protect your rental property fully with Landlord Insurance


There are estimated to be around two million landlords in the UK, owning around five million properties*. The private rental market has boomed over the past decade significantly increasing the demand for Landlord Insurance.

Although Landlord insurance is not compulsory many mortgage lenders make it a requirement of taking out a buy-to-let mortgage. All residential landlords who rent out homes would be very wise to invest in Landlord Insurance as it gives you vital protection for your property investment to cover specific issues that landlords might face. 

Landlord insurance shares similarities with standard home buildings and contents insurance, but this won’t usually won't cover you if you rent out your home to any kind of tenant and something goes wrong. This is because renters living in your property are considered by insurance companies to pose additional risk than if it were yourself, the owner, residing there.

These risks include:

·        The inability to see the property regularly to ensure it is being kept in a reasonable state

·         Maintenance issues such as damp being ignored

·         Careless or malicious damage caused by the tenant

·         Injury to the tenant while in your property

Landlord insurance is an umbrella term given to different types of cover bundled together. It is your choice entirely which types you include and how much or how little cover you require. These are your options:

1)    Landlord buildings insurance

To rebuild or repair your home if the structure is damaged due to fire or flood, for example. Buildings insurance may not be necessary if you own and rent out a leasehold property in a block of flats. You will probably find the block freeholder has their own buildings insurance to cover you.

2)    Landlord contents insurance

If you’re renting out a furnished property you might want contents insurance to cover the things you own. You could also add accidental damage cover, which would cover spills, breakages or damages caused by your tenants. It will NOT pay out for a tenant's contents.

3)    Rental protection insurance

If tenants don't pay up or are rehoused if your home's damaged.

4)    Accidental/malicious damage or theft by tenants

If your goods or furnishings are stolen or damaged by tenants.

5)    Legal expenses Insurance

This insurance can cover the cost of legal assistance if you need to evict a tenant or If you take action when dealing with tenant disputes up to the limit of your policy.

6)    Property owners liability (public liability) insurance

If a tenant or visitor is injured on your property and claims against you.

7)    Employers’ liability insurance

This is a legal requirement if you employ anyone at your rental property such as a cleaner or gardener.

8)    Unoccupied property cover

This applies if no one is living at the property for over 30 days. It is useful if you need to make renovations to the property before you rent it or if you are in between tenants.

As you can see there is quite a lot to consider when looking at Landlord Insurance. The easiest way to ensure that you are fully covered is to arrange for us to call you or to visit you to chat through your situation and assess your actual needs. At Exe Insurance we would never want you to take out cover that you don’t require so we can help you to streamline and tailor your package to your specific requirements. Together we can help take some of the stress out of being a Landlord. Call us on 01392 797 733 or email sales@exe-insurance.co.uk

*(The Guardian Feb 2018).

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